Vending

PepsiCo boosts Q3 2023 sales, earnings

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October 11, 2023

PepsiCo Inc. lifted its Q3 2023 sales and earnings against the prior year period, with growth reported in all business segments and most geographic markets, according to a press release.

Highlights include:

• Net revenue rose 6.7% from $21.9 billion in Q3 2022 to $23.45 billion in the quarter ending Sept. 9, 2023.
• Net income rose from $2.7 billion to $3.1 billion in the comparative quarters.
• Net income per common share rose from $1.95 to $2.24.
• Non-GAAP EPS was $2.25.
• Frito-Lay North America net revenue rose from $5.5 billion to $5.9 billion.
• Quaker Foods North America net revenue rose from $122 million to $135 million.
• PepsiCo Beverages North America rose from $784 million to $970 million.
• Latin America net revenue rose from $463 million to $593 million.
• Europe net revenue rose from $564 million to $659 million.
• Africa, Middle East and South Asia net revenue fell from $268 million to $238 million.
• Asia Pacific, Australia, New Zealand and China rose from $199 million to $239 million.

Shares traded today at $163.02 against a 52-week range of $155.83 to $196.88.

The $23.45 billion in quarterly revenue was in line with analyst expectations while the non-GAAP EPS of $2.25 beat expectations by 10 cents, according to Seeking Alpha.

"We are pleased with our performance as our businesses and associates displayed tremendous agility and resilience across geographies and categories in an evolving and dynamic environment," Ramon Laguarta, chairman and CEO, said in the press release. "Given the strength of our businesses and categories and a continued focus on advancing our holistic cost management initiatives, we now expect our full-year 2023 core constant currency EPS to increase 13% percent (previously 12%) and continue to expect our full-year 2023 organic revenue to increase 10%."